Teen Lied About Earning $72M on Stock Market

New York Magazine ran a story about a Stuyvesant High School senior, told that he had earned millions of dollars by trading.

But after story went viral, he quickly backtracked.

Around 90s, there was a rags-to-riches millionaire trader Michael “Waxie” Parness. Here is the complaint lodged by the National Futures Association against Scott Littlefield, Michael Parness and his hedge fund, Trend Fund Management. Take note of how they accuse them of misleading investors with testimonials that are not documented, but used to lure unsuspecting victims into the trap of believing someone that can’t do anything but take clients money is actually a market expert.

The media is not here to help you. The media once in a while have a story about a rags-to-riches millionaire trader. It generates profit for the media and trading schools.

Comments

  1. VideoPortal April 2, 2017 at 11:05 pm

    A 17-year-old high school student who spun a wild tale about earning $72 million trading penny stocks during lunch breaks at school now admits he made the whole story up .

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  8. Maralynn May 19, 2017 at 3:24 am

    Haaaahhh. I’m not too bright today. Great post!

  9. Frank May 10, 2018 at 7:46 am

    Here is the complaint lodged by the National Futures Association against Scott Littlefield, Michael Parness and his hedge fund, Trend Fund Management. Take note of how they accuse them of misleading investors with testimonials that are not documented, but used to lure unsuspecting victims into the trap of believing someone that can’t do anything but take clients money is actually a market expert.

    Make note of the HUGE drawdown, however if you follow Michael Parness and his Facebook page all you see is him bragging about winners, when meanwhile anything he speak about turns into a complete loser. These include his pumps about Facebook which he bought in the private market and used his clients to build up so he could sell, RENN which was a complete disaster and never uttered again, and his small cap Biotech stock that he hyped up and told everyone he would be releasing on a certain day and time, only to see it fall off a cliff without another mention of it ever.

    Scott Littlefield is a plague that has killed enough traders to have a terminal disease named after him. Someone above said that he was a nice guy, but who cares if he demolishes you with his trade calls?

    Anyone paying Michael Parness or Trendfund a single dollar for anything is out of their mind. A monkey throwing darts form the back of a horse has a better chance of picking winners.

    This can be found on the NFA website and is a matter of public record. You can also read the response to the complaint and the excuse that they didn’t know the rules which is laughable.

    Complaint- http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=3319

    Response- http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=3355

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